Commitments, Contingencies and Guarantees (Tables)

6 Months Ended

May 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

The following table summarizes our commitments associated with our capital market and asset management business activities at May 31, 2014 (in millions):

	Expected Maturity Date
	2014		2015		2016 and 2017		2018 and 2019		2020 and Later		Maximum Payout
Equity commitments (1)	$	1.6	$	7.5	$	0.9	$	—	$	475.4	$	485.4
Loan commitments (1)		10.8		26.3		515.1		175.9		—		728.1
Mortgage-related commitments		862.0		387.9		496.5		—		—		1,746.4
Underwriting commitments		85.9		—		—		—		—		85.9
Forward starting reverse repos and repos		206.2		—		—		—		—		206.2
	$	1,166.5	$	421.7	$	1,012.5	$	175.9	$	475.4	$	3,252.0

(1) Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand.

Credit Exposure from Loan Commitments

The table below presents our credit exposure from our loan commitments, including funded amounts, summarized by period of expiration as of May 31, 2014. Credit exposure is based on the external credit ratings of the underlyings or referenced assets of our loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions):

Credit Ratings	2014		2015-2019		2020 and Later		Total Corporate Lending Exposure (1)		Corporate Lending Exposure at Fair Value (2)		Corporate Lending Commitments (3)
Investment grade	$	—	$	69.4	$	—	$	69.4	$	—	$	69.4
Non-investment grade		—		78.9		—		78.9		17.9		61.0
Unrated		14.8		641.0		—		655.8		58.1		597.7
Total	$	14.8	$	789.3	$	—	$	804.1	$	76.0	$	728.1

(1) Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero.

(2) The corporate lending exposure at fair value includes $91.9 million of funded loans included in Financial instruments owned – Loans and Loans to and investments in related parties, and a $15.9 million net liability related to lending commitments recorded in Financial instruments sold – Derivatives and Financial instruments owned – Derivatives in the Consolidated Statement of Financial Condition as of May 31, 2014.

(3) Represents the notional amount of unfunded lending commitments.

Guarantees

The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at May 31, 2014 (in millions):

	Expected Maturity Date
Guarantee Type:	2014		2015		2016 and 2017		2018 and 2019		2020 and Later		Notional/ Maximum Payout
Derivative contracts—non-credit related	$	37,589.9	$	1,141.8	$	43.7	$	1.2	$	534.5	$	39,311.1
Written derivative contracts—credit related		—		—		—		420.8		—		420.8
Total derivative contracts	$	37,589.9	$	1,141.8	$	43.7	$	422.0	$	534.5	$	39,731.9

External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts

At May 31, 2014 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions):

	External Credit Rating
	AAA/ Aaa		AA/Aa		A		BBB/Baa		Below Investment Grade		Unrated		Notional/ Maximum Payout
Credit related derivative contracts:
Index credit default swaps	$	344.8	$	—	$	—	$	—	$	—	$	—	$	344.8
Single name credit default swaps	$	—	$	—	$	—	$	61.0	$	15.0	$	—	$	76.0